Quantumscape and Kensington capital acquisition. Announce closing of business combination; Quantumscape to trade on nyse under ticker “qs” beginning.
QuantumScape a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles, announced that it has completed its business combination with Kensington Capital Acquisition.(“Kensington”), a special purpose acquisition company. The Business Combination was approved by Kensington stockholders in a special meeting held on November 25, 2020. Beginning on November 27, 2020, QuantumScape shares will trade on the NYSE under the ticker symbol “QS” and its warrants will trade on the NYSE under the ticker symbol “QS.W”.
Since the company was founded in 2010, QuantumScape has been exclusively focused on developing solid-state batteries and designing a scalable manufacturing process to commercialize its battery technology for the automotive industry. Through its elegant “anode-less” design, QuantumScape’s solid-state lithium-metal batteries are designed to be safer, and to deliver greater range, faster charge times and improved cycle life, than conventional lithium-ion battery technology.
“Marks a big step in the evolution of our company,” commented Jagdeep Singh, Founder and Chief Executive Officer of QuantumScape. “This transaction allows QuantumScape to fund development and commercialization of our OEM-validated battery technology as we look forward to playing our part in the electrification of the powertrain and fostering a cleaner future for all.”
Justin Mirro, Chairman and Chief Executive Officer of Kensington, added, “we are incredibly excited to complete our business combination with QuantumScape and to provide the company with significant capital and automotive guidance to accelerate its business plan. The adoption of electric vehicles has emerged as the global mega-trend in the automotive industry, and QuantumScape is now well positioned to become a supplier of solid-state batteries for this next generation of electric powertrains.”
The transaction will result in net proceeds of approximately $680 million to QuantumScape, including through a $500 million fully committed PIPE. Funds from the transaction are expected to fully support the company through the start of production in the second half of 2024.
Hughes Hubbard & Reed LLP served as legal advisor and UBS Investment Bank, Stifel Nicolaus & Company Incorporated and Robert W. Baird. Incorporated served as financial advisors to Kensington. Goldman Sachs and UBS Investment Bank served as joint placement agents on the PIPE offering. Wilson Sonsini Goodrich & Rosati served as legal advisor and Goldman Sachs served as financial advisor to QuantumScape.